The ‘book is backing off of a 2016-proposed stock reclassification that “would have solidified Mark Zuckerberg’s control over the social network” after a shareholder suit that would have seen Zuck on the stand in a Delaware...more

I. Advertising Rule Compliance Issues - On September 14, 2017, the staff of the SEC's Office of Compliance Inspections and Examinations (OCIE) issued a National Examination Program Risk Alert on the most frequent advertising...more

Tell the truth, the whole truth, and nothing but the truth: that’s the message to registered investment advisors from the Office of Compliance Inspections and Examinations (OCIE) in a recent risk alert about the SEC’s...more

On September 14, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a new Risk Alert outlining the most frequent compliance issues relating to Rule 206(4)-1 (the “Advertising Rule”) under the...more

Lots of Fed news this morning, and all of it on the administrative side. First, it now appears that a likely choice to replace Chair Yellen could be out before he was even in. And we’ve learned that Fed No. 2 Stanley Fischer...more

Dealbook’s Street Scene column suggests that Wells Fargo would do well to forget about perceptions and start getting down to the hard business of fixing the “appalling behavior” that’s behind the ugly series of scandals that...more

Uber has picked a new CEO. Word emerged late yesterday that the board selected current Expedia chief Dara Khosrowshahi to take the helm. Khosrowshahi beat out high-powered execs like Jeff Immelt and Meg Whitman in assuming...more

We got our dose of Fed minutes yesterday, and it appears that the Fed—like the rest of us—is scratching its head over the “new reality” of concurrent low inflation and low unemployment. Fed officials are hoping that the low...more

Understanding Financial Industry Regulatory Authority, Inc. Rule 2210, Communications with the Public -
What is Rule 2210, and what does it require? -
Rule 2210 governs three categories of “communications” by FINRA member...more

The growing use of social media has created challenges for federal securities regulators, who must enforce antifraud rules that were written at a time when the prevailing technology was the newspaper.
This Guide...more

On August 7, 2017 the Securities and Exchange Committee (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released yet another cybersecurity Risk Alert entitled, “Observations from Cybersecurity...more

Somehow, despite months of high-profile sideshows, the business of Uber must go on, and right now that means a tough call for the board. It’s currently considering three investment offers, including one from SoftBank, to buy...more

Uber investor Benchmark (a Silicon Valley VC fund) is looking to recover for the lost-investment costs associated with the rocky 2017 at the ride-hailing company, and it has former CEO Travis Kalanick in its crosshairs....more

Lack of workable replacement (so far, at least) be damned—the UK’s Financial Conduct Authority has announced that [the scandal-plagued] Libor will be phased out by 2021 in favor of “transaction-based benchmarks”....more

Robo-advisers have surged in popularity as people seek low-cost, automated investment opportunities. In a worldwide forecast, the number of people to use robo-advisory services is estimated to reach 95.4M by 2021 compared to...more

Here’s the other shoe for that news that all the big banks passed their Fed stress tests the other day: are the “bad old days of enormous leverage and freewheeling deals” and the risk inherent in them back, too?....more

The use of online platforms for distribution of financial products has become increasingly popular in Hong Kong. In May 2017, the Hong Kong Securities and Futures Commission (SFC) issued a Consultation Paper inviting comments...more

The latest Wall Street revolution appears to be driven in large part by companies like Creative Planning, a registered investment adviser in a suburb of Kansas City that’s helping lead a shift away from brokers and mutual...more

Introduction In an interpretive guidance letter issued to a registered closed-end fund on June 9, 2017, FINRA permitted the use of “related performance information” in communications that are distributed solely to...more

Uber CEO Travis Kalanick’s indefinite leave of absence just got a whole lot more definite with news late yesterday that, bowing to pressure from shareholders, Kalanick has resigned from his post altogether....more

Here we were watching Amazon for a Slack pick-up, and all the while it had its eyes set on Whole Foods. Jeff Bezos added the upscale grocery giant to Amazon’s expanding portfolio for $13.7 billion on Friday (perhaps kicking...more

“Congress shall make no law . . . abridging the freedom of speech . . . .”
Doug Cornelius recently published this post reporting that the SEC staff is taking the position that the pay-to-play rule, Rule 206(4)-5, applies...more

Uber made it official today, announcing that controversial CEO Travis Kalanick will be taking an indefinite leave of absence, though even the announcement and board commentary that followed seemed to highlight the “bad-boy...more

PM Theresa May’s call for a snap election looked a lot better a few weeks ago than it does on the morning after. But regardless of the outcome (hung parliament, anyone?), the pound sterling sure took it on the chin....more

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